- A friend lends you $200 for a week, which you agree to repay with 5% one-time interest. How much will you have to repay?
- A T-bill is a type of bond that is sold at a discount over the face value. For example, suppose you buy a 13-week T-bill with a face value of $10,000 for $9,800. This means that in 13 weeks, the government will give you the face value, earning you $200. What annual interest rate have you earned?
- You deposit $300 in an account earning 5% interest compounded annually. How much will you have in the account in 10 years?
- You deposit $2000 in an account earning 3% interest compounded monthly. a. How much will you have in the account in 20 years? b. How much interest will you earn?
- How much would you need to deposit in an account now in order to have $6,000 in the account in 8 years? Assume the account earns 6% interest compounded monthly.
- You deposit $200 each month into an account earning 3% interest compounded monthly. a. How much will you have in the account in 30 years? b. How much total money will you put into the account? c. How much total interest will you earn?
- Jose has determined he needs to have $800,000 for retirement in 30 years. His account earns 6% interest. a. How much would he need to deposit in the account each month? b. How much total money will he put into the account? c. How much total interest will he earn?
- You want to be able to withdraw $30,000 each year for 25 years. Your account earns 8% interest. a. How much do you need in your account at the beginning b. How much total money will you pull out of the account? c. How much of that money is interest?
- How much money will I need to have at retirement so I can withdraw $60,000 a year for 20 years from an account earning 8% compounded annually? a. How much do you need in your account at the beginning b. How much total money will you pull out of the account? c. How much of that money is interest?
- You can afford a $700 per month mortgage payment. You’ve found a 30 year loan at 5% interest. a. How big of a loan can you afford? b. How much total money will you pay the loan company? c. How much of that money is interest?
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